A remonstrance against further increase of the navy, signed by five hundred ministers of Boston and vicinity, has been forwarded to Washington. The remonstrance declares: "The fact that the United States, which has no enemies but is on friendly terms with all nations, is spending more than thirty per cent of its revenues, postal receipts not included, on preparations for war and nearly seventy per cent for war purposes, if the expenses of past wars be included, or nearly four hundred million dollars a year, should in our judgment cause the Government to take immediate action for the reduction of military and naval appropriations. We believe that the legal system already emtodied in The Hague conventions is adequate to meet the requirements of international justice, on an honorable, equitable, and economic basis."

The committee on naval affairs of the House will recommend to the House the following vessels: Two battleships to cost about eleven million dollars each; two fleet colliers at one million dollars each; one repair ship to cost one million dollars; four submarines costing about five hundred thousand dollars each. The naval appropriation bill, as now practically completed, carries about one hundred and twenty-eight million dollars, as compared with one hundred and thirty-six million dollars last year.

The bank guaranty fund law of Oklahoma had its first severe test last summer when the Columbia Bank and Trust Company failed, and the depositors were paid dollar for dollar claims amounting to $2,800,000. This depleted the state's supply fund to such an extent that under the law another assessment was levied on the other banks. The state's action was fought by the banks on the ground that the law was unconstitutional, and was decided for the state in the state courts, It was appealed and is now to be adjudicated in the United States supreme court.

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March 12, 1910

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